Nikkei
Japanese equities traded higher on Friday for the first time in three sessions as official data indicated a rise in new unemployment claims in the US to an over 1.5-year high last week, reigniting hopes that the US Federal Reserve will not pursue an aggressive rise in interest rates in June.
The benchmark index Nikkei 225 closed 623.90 points, or 1.97%, higher at 32,265.17.
The leading index that measures the outlook of the Japanese economy in the short term weighed the highest since November 2022 thanks to a further recovery in the Japanese economy, led by a sharp increase in the number of foreign tourists. Based on data such as job offers and consumer sentiment, the leading index grew to 97.6 in April, from a downwardly revised 96.9 in March.
In corporate news, Ichigo Inc. will acquire shares of Ichigo Hotel REIT Investment for a maximum of 1 billion yen to further strengthen its commitment to Ichigo Hotel as its sponsor.
Toyota Motor relaunched its premium model, The Crown, in South Korea after a 50-year hiatus, Pulse News reported Wednesday.
Hang Seng
Hong Kong stocks finished Friday with another gain as world markets advanced on growing optimism the Federal Reserve will skip an interest rate hike at its meeting next week.
The Hang Seng Index rose 0.47 percent, or 90.77 points, to 19,389.95.
The Shanghai Composite Index added 0.55 percent, or 17.82 points, to 3,231.41, while the Shenzhen Composite Index on China's second exchange advanced 0.71 percent, or 14.12 points, to 2,006.45.
Gold
Gold prices settled lower on Friday, but held onto a modest gain for the week -- their second in a row -- on the back of overall weakness in the U.S. dollar.
Traders looked to U.S. inflation data and the outcome of the Federal Reserve's monetary policy meeting, both due next week, as the catalysts for gold's next big move.
Gold futures for August delivery fell $1.40, or nearly 0.1%, to settle at $1,977.20 per ounce on Comex, with prices based on the most-active contract up 0.4% for the week, according to Dow Jones Market Data.
Silver futures for July delivery rose by 6 cents, or almost 0.3%, to $24.41 per ounce, with prices up 2.8% for the week.
Palladium for September delivery declined by $53.50, or 3.9%, to $1,304.80 per ounce, ending down 7% for the week, while platinum for July delivery fell by $1.10, or 0.1%, to $1,012.80 per ounce, with prices up 0.9% from the week-ago finish.
Copper for July delivery shed 0.2% to settle at $3.79 per pound, tacking on nearly 1.7% for the week.
The pullback in gold prices Friday was likely due to a combination of profit taking with concerns about the Fed's decision next week and next month on interest rates, as well as inflation numbers also due next week, said Adam Koos, president at Libertas Wealth Management Group.
Oil
Oil futures finished lower on Friday, contributing to a loss for the week as subdued China data fed concerns over the outlook for energy demand.
Prices have failed to find much support in the wake of Saudi Arabia's decision last weekend to voluntarily cut more of its oil production in July.
West Texas Intermediate crude for July delivery fell $1.12, or 1.6%, to settle at $70.17 a barrel on the New York Mercantile Exchange, leaving front-month prices for the U.S. benchmark down 2.2% for the week, FactSet data show.
August Brent crude, the global benchmark, lost $1.17, or 1.5%, at $74.79 a barrel on ICE Futures Europe, for a weekly loss of 1.8%,
However, traders "faded the move" up, as the Saudi cut would only remove one-third of a single day's worth of global oil production over the course of July, Tyler Richey, co-editor at Sevens Report Research, told MarketWatch. That will "not meaningfully impact supply and demand dynamics."
